Prime Central London property market performed better than expected through the Spring period with a lack of supply of residential property maintaining property prices.
Prime Central London property market performed better than expected through the Spring period although the full impact of the conflict between Russia and the Ukraine is probably still to be felt.
What we can globally experience is that the cost of living has risen with inflation at its highest level, certainly in the UK for over 30 years. The stock market has become volatile with Bitcoin crashing and cryptocurrency plunging. Investors have shown an appetite to turn to safe havens such as the PCL property market.
With the cost of living rising we anticipate a fall of first time buyers in the market. However, we have experienced still a very high level of enquiries for freehold family houses in the areas of Chelsea and Kensington. Indeed the last house Plaza Estates launched it attracted multiple offers, resulting in sealed bids and achieving a price for our vendor substantially higher than the marketing guide price.
The rental market is still buoyant with prices back to levels not seen for over a decade. We firmly believe this will attract the investor who can see 4% plus returns and secure their cash funds from inflation which will continue to remain high whilst the conflict between Russia and the Ukraine remains.
There is still a lack of supply of residential property which means demand for quality property remains healthy.
We are optimistic whilst there is a lot of negative data that the PCL property market will remain resilient and prove to be ‘first in its class’ amongst other traditional investments.